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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF ELK RIVER, MINNESOTA <br />HELD: August 18, 2008 <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br />of Elk River, Sherburne County, Minnesota, was duly held at City Hall on August 18, 2008, at <br />6:30 p.m. for the purpose, in part, of authorizing the call of certain outstanding General <br />Obligation Improvement Bonds, Series 1998A. <br />The following members were present: <br />and the following were absent: <br />Member <br />introduced the following resolution and moved its adoption: <br />RESOLUTION 08- <br />RESOLUTION AUTHORIZING THE CALL OF THE OUTSTANDING <br />GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1998A. <br />WHEREAS, by Resolution duly adopted on November 30, 1998 (the "Resolution"), the <br />City issued $1,375,000 original principal amount of General Obligation Improvement Bonds, <br />Series 1998A, dated December 1, 1998 (the "Bonds"). The City has sufficient funds on hand in <br />the debt service account of the General Obligation Improvement Bonds, Series 1998A Fund (the <br />"1998A Fund") to call the remaining $75,000 outstanding principal amount of the February 1, <br />2009 maturity of the Bonds on October 1, 2008, at a price of par plus accrued interest. <br />NOW, THEREFORE, be it resolved by the City Council of the City of Elk River, <br />Minnesota, as follows: <br />1.01 The City Council hereby determines that there exists sufficient funds in the <br />1998A Fund to prepay on October 1, 2008, $75,000 aggregate principal amount of the Bonds <br />maturing on February 1, 2009, and the interest due thereon. <br />1.02 U.S. Bank National Association, in St. Paul, Minnesota (formerly, U.S. Bank <br />Trust National Association), the bank at which principal and interest on the Bonds are payable, is <br />hereby authorized and directed to cause the Notice of Call for Redemption attached hereto as <br />Exhibit A to be given in accordance with the provisions of the Resolution. <br />1.03 No further action shall be required of the City Council to complete prepayment of <br />the Bonds. <br />2122629x1 <br />